Berkadia Finalizes Transactions in NY, FL
- Apr 24, 2017
Berkadia’s New York office has secured $15.1 million in acquisition financing for the affordable housing property Tony Mendez Apartments in Manhattan’s East Harlem neighborhood. Director Michael Shmuely arranged the 16-year, fixed-rate loan for borrower Heritage Realty, leveraging Berkadia’s partnership with Fannie Mae.
The loan featured a 4.29 percent interest rate, a 65 percent loan-to-value ratio and 10 years interest only followed by a 30-year amortization schedule.
The 14-year-old, 130-unit property offers one-, two- and three-bedroom floor plans. It is located at 75 E. 116th Street and 58 E. 117th Street, giving residents easy access to several bus stops and subway lines.
Berkadia also arranged the sale of Fernwood Grove and Poplar Park Terrace, a pair of multifamily properties totaling 293 units northwest of downtown Tampa, Fla.
Berkadia’s senior director Jason Stanton, senior managing director Cole Whitaker and director Greg Rainey oversaw the $21 million portfolio sale. The seller was Tampa-based WISCO 7. The buyer was Maryland-based FCP Fund III REIT Investor, LLC.
Located at 4900 MacDill Avenue in Tampa, 41-year-old Fernwood Grove sold for $7.85 million. The community features one- and two-bedroom units with dishwashers, tile flooring and window coverings. Fernwood Grove offers many common-area amenities that include a swimming pool, playground, laundry facilities and courtyard.
Poplar Park Terrace is situated at 4111N. Poplar Avenue in Tampa. One year shy of a half-century old, the property offers one-, two- and three-bedroom apartments featuring washer-dryer hookups, ceiling fans and dishwashers. A fitness center, pool, laundry facilities and gated access highly the amenity package. Sale price was $13.15 million.
Both Fernwood Grove and Poplar Park Terrace provide quick and convenient access to West Dr. Martin Luther King Jr. Boulevard at the center of the Wellswood neighborhood of Tampa.
Located five miles from downtown Tampa, the communities are within short commuting distance to the University of Tampa, St. Joseph’s Children’s Hospital and the Westshore Business District.
“This was an opportunity for the buyer to acquire two in-fill communities that underwent substantial renovation and are continuing to experience rent growth,” Stanton said.